Can I get a used car loan with bad credit?

My credit score is below 530, and I’m looking to get a loan for a used car. Can I get a used car loan with bad credit?

Answer
Yes, you will be able to get a used car loan. Most lenders will take surprisingly low scores, but they will charge you a higher APR on your loan.
One thing that helps to offset a higher APR is to save money for the down payment. This lowers your principal balance and establishes good faith with your lender.
If you still get stuck with a higher APR, you can look into refinancing as your financial situation improves.
It’s important to shop for the best rates and terms when refinancing, but that can take time and energy. Try working with Jerry to refinance. Jerry makes it simple–download the app and compare top lenders. No matter your score, Jerry uses your current loan information and credit score to find competitive rates from top lenders.
Michael Miserendino
Answered on Dec 03, 2021
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